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Direct Investment  + Alternative Assets  + CLOs  + Real Estate  |  May 20, 2026
Värde Partners Prices $1B CRE CLO Backed by Multifamily, Industrial Loans
By: Joe Palmisano

Värde Partners Prices $1B CRE CLO Backed by Multifamily, Industrial Loans

Värde Partners has closed VMC 2026-FL6, a $1 billion commercial real estate collateralized loan obligation representing the firm’s largest CRE CLO to date and its 13th CRE securitization overall. The transaction was backed entirely by loans originated through Värde’s proprietary CRE lending platform and reflects a diversified mix of U.S. property markets and asset types.

The initial pool consists of 19 floating rate mortgages secured by 40 properties across 16 states. Multifamily and industrial properties account for more than 66% of the initial portfolio. The transaction carries an implied advance rate of 88.625%, a BBB- credit enhancement of 11.375%, and a weighted average spread at issuance of Term SOFR plus 1.91% before transaction costs, structured with a 30-month reinvestment period.

“The strong investor interest and pricing achieved on this transaction underscores the credit quality of the portfolio, and this issuance provides attractive financing as we continue deploying capital on behalf of our LPs,” said Melissa Band, Managing Director and Head of Capital Markets at Värde Partners.

Wells Fargo Securities served as sole structuring agent and lead-left joint bookrunner, alongside Goldman Sachs, Morgan Stanley, and ATLAS SP Securities as joint bookrunners. Cadwalader, Wickersham & Taft provided legal counsel.

Since 2017, Värde has originated approximately $8.5 billion in U.S. CRE loans and has successfully paid off nine prior CRE CLO transactions.

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Värde Partners

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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